The increases in the S&P 500 DRI (14.21%), Dow Jones Industrial Average (14.04%), and Nasdaq (10.26%) in the first 11 months of 2006 all outstripped the average return generated by hedge funds, according to research from Hennessee Group, a hedge fund advisory firm. The Hennessee Hedge Fund Index, which tracks over 1,000 hedge funds of various styles, increased just 10.06% in the 11-month period.
“Hedge funds have trailed equities on a relative basis in 2006 because of the unusually consistent strength in the equity markets,” said Charles Gradante, managing principal of Hennessee Group LLC.
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